Vancouver Price Drop

Documenting Vancouver real estate price movements

Vancouver East Spotlight – August 26, 2012

Here are the top 10 properties currently listed in Vancouver East with the largest overall drop in asking price since early March.  Lot’s of ugly homes and unrealistic prices in Vancouver East.

Some Highlights

  • It takes a 18% drop to make this top 10, up from 17%, 15% and 13% the three previous months
  • 3 of 10 listings with assessment are now listed below assessment
  • Three listings are from both Killarney and Grandview
  • #1 has been on the weekly drop and the vancouver east spotlight so many times that I’m getting bored at laughing at the giant tarp
  • #2 drops 29% in one drop and is still above assessment – how do you so grossly miscalculate the price of a home?  Also have to love the “All sizes and ages are approx only. The Buyer should not rely upon listing information without Buyer independently verifying the information.”.  That gives me confidence…
  • #3 was purchased last year and they attempted to flip it 5 months later for a $366K profit… after sitting on the market for 5 months you might expect a price drop but they raised the price $30K more!!!  Fast forward to May and they drop the price by 25% but still $98K over what they paid last year.  This one will end badly for the owners and I can’t say that it makes me sad.
  • #4 is another one of these “All sizes and ages are approx only. The Buyer should not rely upon listing information without Buyer independently verifying the information.”
  • #5, after not selling for $899K in early August, decided to increase the price $80K…
  • #6 must have been written by a politician… “there is still room for a Handyman to have some fun.”.  That is some awesomely creative writing!  Sounds much better than “Lot’s of crap that doesn’t work, is falling apart or just plain missing”
  • #7 “Motivated Seller. All offers considered.”  Nothing else to say about that…
  • #9 opened with an incredibly unreasonable price of $979K on August 6th.  5 days later they raised it to a laughable $1.25 million…  5 days after that they lowered it to $1.025 million…  On the plus side this property will be #1 in the Vancouver East Spotlight at some point in the near future.

#1 ) Address:1537 E 5TH AV, Grandview, Vancouver East

March 09 V923259 $895,000 $0 0%
April 08 V923259 removed
April 12 V942434 $793,000 $-102,000 -11%
June 07 V942434 removed
June 09 V955548 $789,000 $-106,000 -12%
June 15 V955548 $759,000 $-136,000 -15%
June 30 V955548 $729,000 $-166,000 -19%
July 24 V955548 $699,000 $-196,000 -22%
August 11 V955548 $679,000 $-216,000 -24%
August 24 V955548 $629,000 $-266,000 -30%

Assessment: $686,000

25×122 / 3050sq.ft. lot just half a block to Commerical Drive on 5th Ave. Fantastic location. Duplex property with RM-4 zoning. For sale by court order. All measurements are approx. Buyer to verify. Property sold as-is where-is. Restore the duplex home (circa 1912) or build new. Vibrant community. Easy transit connect to UBC, downtown. Call to discuss your new home opportunities!


#2 ) Address:1925 E 49TH AV, Killarney, Vancouver East

July 08 V960968 $980,000 $0 0%
August 02 V960968 $699,000 $-281,000 -29%

Assessment: $654,400

Excellent location and back lane access great neighborhood. One bus to UBC & easy access to downtown, Richmond & Burnaby. Good for first time buyer & investment. This is a great home in great area price to sell so call your personal viewing today. All sizes and ages are approx only. The Buyer should not rely upon listing information without Buyer independently verifying the information.


#3 ) Address:2396 E 45TH AV, Killarney, Vancouver East

October 13 V915437 $1,168,000 $0 0%
March 16 V915437 $1,198,000 $0 0%
May 31 V915437 $899,800 $-298,200 -25%

Assessment: $755,400 and sold last May for $801,800

Prime location in Killarney, solid 2 levels house. Two bedrooms main flr and potential 1/2 bedromm suite in the high basment. Priced to sell! Please act quick!


#4 ) Address:7039 MAIN ST, South Vancouver, Vancouver East

June 21 V957696 $1,428,000 $0 0%
Open House: Jul 14
Open House: Jul 15
July 24 V957696 removed
July 26 V963792 $1,269,000 $-159,000 -11%
August 21 V963792 $1,100,000 $-328,000 -23%

Assessment: $1,116,000

Rarely available Triplex on 2 legal lots on Main and 54th, Van. 3 kitchens, 2 hot water tanks, 2 furnaces, 3 electric meters. Live in one of the suites and rent the 2 other units. Catchment area of Sexsmith Elementary School and Sir Winston Churchill Secondary School. All sizes and ages are approx only. The Buyer should not rely upon listing information without Buyer independently verifying the information.


#5 ) Address:3390 E 46TH AV, Killarney, Vancouver East

March 29 V939819 $1,250,000 $0 0%
April 09 V939819 $1,150,000 $-100,000 -8%
June 16 V939819 $1,030,000 $-220,000 -18%
July 30 V939819 removed
August 02 V964701 $899,000 $-351,000 -28%
Open House: Aug 05
Open House: Aug 12
August 16 V964701 $979,000 $-271,000 -22%

Assessment: $906,700

Meticulously kept by proud owner of 36 years. This sparkling home features gleaming Hardwood floors in the Livingroom with border inlay, wood burning fireplace and continued oak flooring in hallway and bedrooms. Cozy, open kitchen and 4 pc bathroom. Full basement with almost 8′ height can easily be suited. Situated in prime Killarney on a large, south exposed rear yard (46.5 x 122). Please allow minimum 24 hours notice.


#6 ) Address:933 MCLEAN DR, Grandview, Vancouver East

April 27 V945936 $689,000 $0 0%
May 25 V945936 $649,000 $-40,000 -6%
June 21 V945936 $599,000 $-90,000 -13%
Open House: Jun 24
July 10 V945936 $549,000 $-140,000 -20%
Open House: Jul 15

Assessment: $422,000

Looking for an affordable house in Vancouver ? Well look no further. Super close to the DRIVE, across from a school and park, walking distance to everything. This industrially zoned house has 3 bedrooms, 2 full bathrooms, unfinished bsmnt, sweet patio, and even a hot tub. A lot of work has been on this home but there is still room for a Handyman to have some fun. Call Jordan for more details.


#7 ) Address:4278 JOHN ST, Main, Vancouver East

May 12 V949635 $930,000 $0 0%
May 16 V949635 $870,000 $-60,000 -6%
June 06 V949635 $829,000 $-101,000 -11%
July 11 V949635 $799,000 $-131,000 -14%
August 11 V949635 $749,000 $-181,000 -19%

Assessment: $779,100

Motivated Seller. All offers considered.


#8 ) Address:1774 E 1ST AV, Grandview, Vancouver East

June 07 V954855 $1,088,000 $0 0%
July 11 V954855 $995,000 $-93,000 -9%
August 02 V954855 removed
August 06 V965360 $888,000 $-200,000 -18%

Assessment: $750,000

Commercial Drive location. Tall 3150 SF 3 level character home (3 suites). 2 large sundecks. Huge double garage & lane. Close to public transit, restaurants, shops, cafes. Double paned windows. Pleasure to show, you won’t be disappointed. Over $50,000 potential rent per year!


#9 ) Address:1283 E 63RD AV, South Vancouver, Vancouver East

August 06 V965442 $979,000 $0 0%
August 11 V965442 $1,250,000 $0 0%
August 16 V965442 $1,025,000 $-225,000 -18%

Assessment: $794,700

The house is stripped and built again except the foundation. New walls, windows, floors, kitchens, bathrooms, plumbing, electrical, garage, solid house, well maintained by the owners. Up & down occupied by the sellers. Won’t last, call soon. Very central location, near schools, transport & Airport, double glazed windows. Hardwood floors, sellers motivated.


#10 ) Address:# 702 2763 CHANDLERY PL, Fraserview, Vancouver East

April 14 V943114 $340,000 $0 0%
May 23 V943114 $320,000 $-20,000 -6%
June 19 V943114 $300,000 $-40,000 -12%
August 14 V943114 $280,000 $-60,000 -18%

Assessment: $269,000

UNOBSTRUCTED MILLION DOLLAR RIVER VIEW – excellent apartment with a den that can be a second bedroom. Freshly painted, ready to move in, short completion. SECURE PARKING and additional visitor parking. TROUBLE FREE BUILDING. Gorgeous location close to transit. NEW WATER DISTRICT DEVELOPMENT IS COMING with more homes, shopping, restaurants and coffee shops. This fabulous area has a wonderful river boardwalk, tennis courts and a golf course.

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